Monetary reserves of the State Oil Fund of Azerbaijan (SOFAZ) will financing imports during 4-5 years in case of reducing oil production, Deputy Economic Development Minister Sevinc Hasanova said at the meeting of the Azerbaijani-Estonian Intergovernmental Commission on Trade and Economic Cooperation in Baku today.
"Azerbaijan reduces the economy's dependence on the oil sector, as the rational use of oil and gas revenues has recently enabled the country to do some serious steps forward," deputy minister said.
She said that total economic growth in the country in 2011 was insignificant if we take into account that no growth was fixed in the oil sector. The non-oil sector increased by more than nine percent.
"As of the first five months of 2012, the non-oil sector increased by more than 10 percent," she said. "This shows that our policy on economy diversification is effective."
Significant growth has been fixed in the Azerbaijani economy for the last eight years. In real terms, the country's GDP increased threefold. Azerbaijan's foreign debt today hits 7-8 percent of the country's GDP. The country's strategic currency reserves exceed the external obligations by 7-8 times.
"Monetary reserves created in the country allow withstanding instability smoothly in global financial markets for 4-5 years," she said. "Taking into account the decline in oil production volumes, our monetary reserves will help finance imports through SOFAZ's assets."